Private Equity Firm Buys GE’s Current
November 7, 2018
American Industrial Partners has acquired Current powered by GE. The sale, expected to close early next year, would allow AIP to continue using the GE brand name.
Current by GE sells LED lighting, smart sensors, software, and other products that increase energy efficiency for commercial offices, retail stores, industrial facilities and cities. The subsidiary was formed in 2015 through a consolidation of several existing lines of business representing about US$1 billion in total revenue.
“American Industrial Partners would be a great home for Current moving forward,” says Maryrose Sylvester, President & CEO of Current. “The firm’s deep expertise in operations and engineering, combined with its highly successful track record of industrial business investments, would help us accelerate Current’s growth. We look forward to partnering with the AIP team to further establish Current as a leader in the rapidly growing IoT lighting space.”
With US$4.2 billion of assets under management, American Industrial Partners has roots in the industrial economy and has been active in private equity investing for nearly 30 years. The firm is operationally oriented and focused on middle-market opportunities for industrial businesses serving both domestic and global markets.
“GE’s history of innovation, quality, reliability and deep domain expertise is an ideal fit with our investment strategy,” says Eric Baroyan, a partner of AIP. “We look forward to continuing that legacy by supporting Current’s management team on the key growth initiatives, building upon Current’s extensive product portfolio and leading digital solutions that are helping customers gain energy savings and greater insights into their environment through a sophisticated intelligent ecosystem platform. We are thrilled to partner with Maryrose Sylvester and the leadership team to invest in Current’s industry renowned engineering, manufacturing, digital and supply chain capabilities to capture the significant opportunity of energy efficiency and digitalization ahead of us.”
